Economy

Payrolls drop by 701,000, unemployment rate rises to 4.4%

Nonfarm payrolls dropped by 701,000 in March, according to Labor Department numbers released Friday that only begin to show the economic damage wrought by the coronavirus crisis. It was the first decline in payrolls since September 2010 and came close to the May 2009 financial crisis peak of 800,000. Some two-thirds of the drop came […]

Economy

Small businesses have ‘a million questions’ about paycheck relief loan

Jourdain Degarmo, CEO of Mr. Muggles’ Dogs Joe Drypolcher Jourdain Degarmo had to lay off all seven employees from his doggie day care in San Francisco last month after California’s shelter-in-place order required non-essential workers to stay home. Degarmo has continued paying salaries with his cash on hand but needs help from the government to keep […]

Economy

Coronavirus may create a generation of supersavers who reshape economy

A generation of risk-averse supersavers could emerge from the fallout of the coronavirus crisis and potentially reshape the economy, experts have said. Morgan Housel, partner at venture capital firm Collaborative Fund and author of “The Psychology of Money,” said in a phone call that the coronavirus crisis would lead to “a generation of supersavers” who […]

Economy

Jobs may not come totally back for years, all depending on how small businesses weather this storm

A view of an empty restaurant is seen at Grand Central Station on March 25, 2020 in New York City. Angela Weiss | AFP | Getty Images Barry O’Donovan opened his Irish pub across from a  railroad station used by Wall Street commuters just five days before Lehman failed. His business survived the Great Recession.  […]

Economy

US jobless claims could soon exceed 8 million, economist projects

People gather at the entrance for the New York State Department of Labor offices in Brooklyn, which closed to the public due to the coronavirus disease outbreak March 20, 2020. Andrew Kelly | REUTERS The number of weekly unemployment claims filed in the U.S. could soon exceed 8 million as the fallout from widespread shutdowns […]

Economy

US weekly jobless claims double to 6.6 million

The torrent of Americans filing for unemployment insurance skyrocketed last week as more than 6.6 million new claims were filed, the Labor Department reported Thursday. That brings to 10 million the total Americans who filed over the past two weeks. Economists surveyed by Dow Jones had expected 3.1 million for last week, one week after […]

Economy

Eric Rosengren says Fed ‘has acted quickly’ as markets froze

Boston Federal Reserve President Eric Rosengren said Wednesday the central bank moved rapidly to address deterioration across multiple parts of the financial market that were crippled due to the coronavirus crisis. “At the central bank we’re focused on addressing, and blunting, the economic effects of the pandemic,” Rosengren said in remarks prepared for an online […]

Economy

Coronavirus effect could be ‘far deeper than the subprime crisis,’ says mortgage co CEO

For most mortgage borrowers, the first of the month is payment day. This month, however, is a very different story. Millions of borrowers have either lost jobs or income, and are suddenly struggling to make those monthly payments.  Borrowers with government-backed mortgages, through Fannie Mae, Freddie Mac, the FHA or the VA, are entitled to […]

Economy

Mnuchin may ask for more small business loans

US Treasury Secretary Steven Mnuchin speaks during the daily briefing on the novel coronavirus, COVID-19, at the White House on March 25, 2020, in Washington, DC. Mandel Ngan | AFP | Getty Images The small business measures aim to help companies cover payroll and other expenses during the punishing outbreak. Firms with fewer than 500 […]

Economy

These states could be hit with the biggest jobs losses from the coronavirus pandemic

Pedestrians walk past a boarded up Lori’s Diner in San Francisco, California, U.S., on Tuesday, March 24, 2020. David Paul Morris | Bloomberg | Getty Images When the Coronavirus pandemic eventually subsides, the economic impact will be felt unevenly from one part of the country to another. The regions feeling the biggest impact may also […]